Comment on Tradetax for income tax returns when trading

Nithin Kamath commented on 09 Jul 2017, 11:05 AM

1. Both school of thoughts are there – some say STCG, some intraday. U have to take a call on this.
2. With margin money you can only trade F&O. Not equity. In your case, FIFO wouldn’t ideally be applicable as the stock that you are holding is not getting delivered.

Btw taxation is about self policing, it is upto you on how you want to declare all of this. The brokers P&L is just a reference point, you can change it to whatever method suits you and file your ITR. What can’t be changed is your DP statement, ledger, and contract notes.

View the full comment thread »